empty

2025.03.3112:23:00UTC+00UK Mortgage Approvals Fall Slightly; Consumer Credit Drops

UK mortgage approvals for house purchase decreased slightly in February, as changes in stamp duty from April 1 softened housing market activity, while consumer credit decreased from the last month, official data showed on Monday.

Mortgage approvals for house purchases decreased 600 to 65,500 in February, the Bank of England reported. This followed a decrease of 400 in January. Approvals were forecast to rise to 66,000.

The 'effective' interest rate, which is the actual interest paid on newly drawn mortgages, increased by 2 basis points to 4.53 percent in February.

Consumer credit declined to GBP 1.4 billion from GBP 1.7 billion in the previous month.

Net borrowing of mortgage debt fell by GBP 0.9 billion to GBP 3.3 billion, following an increase of GBP 0.8 billion in January. Net mortgage lending growth was broadly unchanged at 1.9 percent.

Meanwhile, gross lending increased to GBP 24.3 billion in February from GBP 21.7 billion in January. This was the highest since November 2022.

Further, data showed that companies repaid a net GBP 0.5 billion of loans, following a net borrowing of GBP 2.4 billion in January.

Today's data provide some green shoots of households starting to save less and spend a little more freely, Capital Economics economist Ashley Webb said. However, one month does not make a trend and GDP will probably remain restrained in the near term, the economist noted.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST


Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.